Divorce and Financial Issues Are Linked – How Bankruptcy Can Help

Divorce and Financial Issues Are Linked – How Bankruptcy Can Help

Money issues are among the top reasons for marital problems. In fact, couples fight more about money than they do about any other issue, according to Money Magazine. Whether the issues were caused before or during the marriage, financial issues are a major point of stress and contention among even the most secure couples. In many cases, financial issues get so bad that they go on to end a relationship altogether. But it doesn’t stop there, a divorce isn’t free – neither is the emotional and financial turmoil that comes with it. So on top of ending a relationship, couples often spend even more in divorce proceedings, which often leads to more financial issues and resentment.

Whether or not relationship issues can be resolved, a solution to your financial issues should be sought after. In eliminating or at least organizing your money issues, you could face a better quality of life for yourself and your loved ones. Having your finances well organized can leave room for less arguing and more time to work on your relationship.

Bankruptcy is often a go-to option for couples who are drowning in old, uncontrollable debts. Unsecured debt, such as credit card debts, some tax debts, medical bills and more could all be eliminated with bankruptcy. There are even options that you could take that may not affect your spouse or vise versa. If your debts are individual, much of your debt can be discharged without affecting your spouse. In the event that some debts are joint, filing a joint bankruptcy can help both you and your spouse.

A divorce can only make financial and emotional turmoil even worse. Even if it does not improve the relationship, filing for bankruptcy before a divorce can make proceedings and managing leftover debt much easier. It should be noted if you do have joint debt and get divorced, your ex-spouse could file to have their half of the debt discharged, leaving you with the responsibility of paying both their half and your own.

Regardless of how the relationship goes, discharging your debts is a solid solution in many cases. If you are facing a high amount of debt and are considering bankruptcy, contact the law offices of Joel R. Spivack today to discuss your options. Call 856-488-1200 or contact online.

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Attorney Joel R. Spivack is an experienced bankruptcy and residential real estate transactions lawyer in Cherry Hill, New Jersey. Clients come to us for legal services, but what we really provide is peace of mind. For more than 30 years, Attorney Spivack has helped people make wise, informed decisions about bankruptcy filings, debt relief options and residential real estate transactions.
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